​The recent disruptions among Australia’s Big Four accounting firms—PwC, Deloitte, EY, and KPMG—are creating a unique opportunity to tap into top-tier talent, particularly as high-profile departures shake up the market. In the wake of scandals, internal restructuring, heightened regulatory scrutiny and government contracts being reviewed, these firms are experiencing significant partner and senior-level talent turnover, which is leading to a redistribution of expertise across the industry.

Talent Exodus and Where They’re Going

The high-profile PwC tax leak scandal in 2023 prompted the start of a shake-up of talent within the top 4 accounting firms in Australia . As a result of public and regulatory backlash, PwC Australia saw a significant number of partners depart. The newly formed Scyne Advisory business picked up close to 50% of PwC’s partner leavers for the past year. Other partners have moved to top-4 competitors, mid-tier and boutique firms, or into consulting roles.

All levels of talent, from graduates to Partners, are seeking out firms that offer more stability and operate under clear ethical guidelines.

Mid-Tier Firms Benefiting from Big Four Talent

With the Big Four firms undergoing restructuring and intense public scrutiny, mid-tier firms are seizing the opportunity to attract top talent. Mid-tier firms like Grant Thornton, BDO, RSM, KordaMentha, Alvarez & Marsal and Pitcher Partners are making strategic hires to bolster their own market profile in both the partner and sub-partner markets, with up to 50% of their hires being lateral hires from the Big Four accounting firms in Australia.

These firms are providing talent with opportunities to lead teams, influence the firm’s direction, and focus on innovative and specialised services without the constraints often found in the Big Four.

Boutique Firms on the Rise

In addition to mid-tier firms, boutique consultancies are gaining strength by attracting high-profile talent. The departures from the Big Four have sparked the creation of several boutique advisory firms, particularly in specialised areas such as forensic accounting, ESG consulting, and digital transformation. Consultancies such as Rennie Advisory has used the big four exodus as a way to bolster their talent, with 30% of their new talent acquisitions being from the top 4 in the last 12 months, whilst at the same time remaining cost effective and nimble to ensure continued value is provided to their client base.

Talent Gaps and High Demand Areas

The shake-up of the Australia’s big four accounting firms has led to talent competition and skills shortages being felt across all tiers of accounting firms. With the Big Four no longer being as attractive to talent as they have been historically, the war for top talent is taking place within the top tiers and boutiques.

Here’s where we are seeing the highest demand for talent:

1. Forensic Accounting & Litigation Support: With regulatory scrutiny on the rise, firms are beefing up their forensic accounting teams to handle complex investigations and compliance mandates. Mid-tier firms and boutiques are eager to acquire talent here.

2. Tax Advisory & Compliance: The fallout from scandals like PwC’s tax leak has led to a surge in demand for independent and trusted tax advisors. Partners with deep expertise in international tax, government advisory, and corporate compliance are in high demand across the top and mid-tiers as highly sought after contracts are being reviewed.

3. Digital Transformation & Cybersecurity: As firms pivot to tech-driven solutions, there’s intense competition for executives skilled in AI, cloud technologies, and cybersecurity. Deloitte has been aggressively expanding in this area, but mid-tier firms are also eager to compete.

4. ESG (Environmental, Social, Governance): As ESG regulations tighten globally, firms are looking to bring in specialists to help clients navigate sustainability reporting, compliance, and strategic advisory. Talent with both accounting and environmental expertise is particularly valuable here, and boutique firms are capitalising on this niche.

Conclusion: A Talent Market in Flux

With significant departures from PwC, Deloitte, KPMG, and EY, many top-tier professionals are looking for new opportunities, while firms across the board are hungry for top talent to lead in key growth areas such as ESG, digital transformation, tax strategy, and forensic accounting. Reach out to Bruce Macaulay for a confidential conversation about hiring or moving within these high demand areas.